A financing proposal has been accepted by Dayton Mining (DAY-T) whereby the company will issue unsecured convertible debentures in the aggregate amount of US$60 million.
This amount can be increased to US$69 million through an underwriters option.
The debentures will have a 5-year term, bear interest at 7% per annum, and be convertible into common stock at a conversion price of $8.60. The debentures will not be redeemable for three years.
Dayton owns and operates the Andacollo gold mine in Chile. The company expects to produce 130,000 oz. gold this year, rising to 160,000 oz. by 1999.
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